March 8, 2021

The president of Chile calls the US and China to stop a "harmful" trade war

The president of Chile, Sebastián Piñera, called on Friday the United States and China to end their commercial war, which he described as "harmful" not only for them but for the world and for "open and integrated economies" such as the country South American

Piñera expressed his opinion through his official Twitter account, in which he warned that the commercial war is intensifying between the two powers.

"The commercial-tariff war between the US and Chinese giants is intensifying, damaging both powers, weakening world growth and strongly affecting open and integrated economies like Chile," the Chilean president wrote.

He added, in English, "President Trump, President Xi Jinping, end this harmful war!" (President Trump, President Xi Jinping, put an end to this harmful war!) "

Piñera published the petition after the day before the president of the United States, Donald Trump, claimed that negotiations with the Chinese are progressing little and nothing, and announced the imposition of new tariffs on the products of the Asian nation.

The US president announced that as of September 1, the Chinese products that until now were outside the conflict, valued at 300,000 million dollars, must pay a 10% tariff to enter the North American market.

The measure assumes that the United States will charge tariffs on virtually all Chinese products, which will have a direct impact on consumers.

The trade war has strongly punished the Chilean economy, which has been especially noticeable in a fall in copper prices, the main export product of the country, and in a sharp deterioration in the exchange rate, with a dollar shot U.S.

In that context, local authorities, experts and the market have reduced their projections for the Chilean economy, which at the beginning of the year stood at 3.5% or more, to levels of 3.0 or less.

In recent days, the IMF and the Economic Commission for Latin America and the Caribbean (ECLAC) reduced their own prospects, in the first case from 3.4 to 3.2%, and in the second from 3, 3 to 2.8%, based on the effects of the commercial war on the Chilean economy in both cases.

This Friday, the dollar was quoted in Chile at 711 eleven pesos seller, 5.5 pesos more than at the end of Thursday, while in the London Metal Exchange the copper pound closed at $ 2,616 per pound, 1.82% less than on the eve and its lowest value since last June 17 (2,610).

. (tagsToTranslate) president (t) Chile (t) USA (t) China (t) commercial

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